Ripple Price Analysis

Ripple (XRP) Price Analysis: Larger Upward Move Above $0.4300 Possible

Ripple price broke the key $0.3950 and $0.4000 resistance levels to move into a positive zone. XRP could consolidate in the short term before a strong rise above $0.4250 and $0.4320.

  • The price traded as high as $0.4296 and recently corrected below the $0.4160 support.
  • XRP traded below an ascending channel with support near $0.4140 on the 30-minute chart.
  • Ripple price is currently holding an important support near the $0.3940 level.

Ripple Price

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Ripple Price Analysis (XRP to USD)

In the past three sessions, there was a decent rebound in ripple started from the $0.3699 swing low. XRP/USD traded higher and surpassed a few important resistances near the $0.3950 and $0.4000 levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even broke $0.4250 and traded as high as $0.4296. Recently, it faced renewed selling interest, resulting in a downside break below the $0.4160 support level.

The price broke the $0.4100 support and the 23.6% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high. Besides, the price traded below an ascending channel with support near $0.4140 on the same chart.

More importantly, the price settled below the $0.4100 level and the 25 simple moving average (30-minute chart). However, the decline was protected by an important support area near the $0.2950 and $0.2940 levels.

Ripple even tested the 50% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high, and it is currently consolidating in a range. On the upside, an immediate resistance is near $0.4100 and the 25 simple moving average (30-minute chart).

If there is a successful close above $0.4100 and the 25 SMA, the price is likely to retest $0.4280 or $0.4295. Any further gains could start a strong upward move above $0.4300 and $0.4320 in the near term.

Conversely, if ripple price fails to stay above the key $0.3950 and $0.3940 support levels, there could be additional downsides. The next major support for XRP is near $0.3640, where the bulls might protect further losses.

The market data is provided by TradingView, Bitfinex.



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Source: blockonomi.com
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